topic Re: Hop in! On my way to a 100k! in Relationships and Moneyhttp://ficoforums.myfico.com/t5/Relationships-and-Money/Hop-in-On-my-way-to-a-100k/m-p/1393798#M1155
<P><SPAN><A target="_self" href="http://ficoforums.myfico.com/t5/user/viewprofilepage/user-id/545879">FrugalRican</A>&nbsp;- Yeah, sometimes it takes a bit of explaining and demonstrating to others how things can work. &nbsp;I am so glad you keep working with your gf. &nbsp;<img class="emoticon emoticon-smileyhappy" id="smileyhappy" src="http://fico.i.lithium.com/i/smilies/16x16_smiley-happy.gif" alt="Smiley Happy" title="Smiley Happy" /></SPAN></P><P>&nbsp;</P><P><SPAN>DH does the hotel breakfast. &nbsp;I usually have to bring my own food (because of food allergies), but supplement when I can with the hotel breakfast offerings.</SPAN></P><P>&nbsp;</P><P><SPAN>DH makes his lunch from the offerings. &nbsp; If &nbsp;the offerings are safe, then I also make my lunch from the offerings. &nbsp;At the very least, I try to supplement lunch.</SPAN></P><P>&nbsp;</P><P><SPAN>For dinner, if I can, I will use what I can from the breakfast offerings. &nbsp;For example, right now, I am making chili in an electric skillet in the hotel bathroom. &nbsp;I brought two english muffins back to go with the chili. &nbsp; And for dessert - two apple turnovers. &nbsp; Last night, I brought up three pieces of French toast to go with our scrambled eggs.</SPAN></P><P>&nbsp;</P><P><SPAN>Overall, the amount of food we consume and take from the breakfast offerings is about the same as what everyone else consumes and throws away at breakfast.</SPAN></P><P>&nbsp;</P><P><SPAN>*** on a proud note, today is the 10th of the month and we have ONLY spent $80 on food this month!! &nbsp; &nbsp;Breakfast has passed, lunch is taken care of, and dinner is cooking!! &nbsp; Translation - we are $20 ahead of our food budget! &nbsp;Potential savings - $20!! &nbsp; That could be added to an existing Navy CD, earn good interest. &nbsp; For us, this is a HUGE deal! &nbsp;To give you perspective, usually by the 10th of each month, we have spent about $200.</SPAN></P>Thu, 10 May 2012 12:32:16 GMTIOBA2012-05-10T12:32:16ZHop in! On my way to a 100k!http://ficoforums.myfico.com/t5/Relationships-and-Money/Hop-in-On-my-way-to-a-100k/m-p/1319107#M992
<P>Or we can call it the Grand Plan for 100 Grand.</P><P>&nbsp;</P><P>I posted about a blurb I had read about someone who saved forward. &nbsp;He looked at the big picture, included TSP and employer contributions, and figured out how much he COULD save for the month, the year, etc.</P><P>&nbsp;</P><P>When I looked at my finances with this new perspective, I was wow'd by the big picture! &nbsp;Previously, I felt like I was barely saving anything, with a $100 CD every payday and an extra $100 Ally cd per month. &nbsp;I knew in the back of my mind that I was still doing the direct deposit from the house buying days is still going into that secret account, but I don't count it as "savings", ya know. &nbsp;Out of sight, out of mind. &nbsp;And I never considered the TSP and the employer 5% match as savings...</P><P>&nbsp;</P><P>So, new perspective, relooked at my numbers, pulled every penny from every source I could and you know what? &nbsp;I decided I could save xx amount by year's end. &nbsp;DH and I had a difference of opinon as to who accurate my numbers should be posted here. &nbsp;He didn't want me to post our real numbers. &nbsp;Ok. &nbsp;The percentages are 100% accurate.</P><P>&nbsp;</P><P>For the purpose of this journey, my goal is to reach 100k by 12/31/2012. &nbsp;I am not going to count the TSP or the employer match. &nbsp;This will be just my very own pennies.</P><P>&nbsp;</P><P>&nbsp;</P><P>I can't decide what to call this plan, so it's being called both things -</P><P>&nbsp;</P><P>Grand plan to 100 grand!</P><P>&nbsp;</P><P>AND&nbsp;</P><P>&nbsp;</P><P>On my way to a 100k!</P>Fri, 30 Mar 2012 00:39:48 GMThttp://ficoforums.myfico.com/t5/Relationships-and-Money/Hop-in-On-my-way-to-a-100k/m-p/1319107#M992IOBA2012-03-30T00:39:48ZRe: Hop in! On my way to a 100k!http://ficoforums.myfico.com/t5/Relationships-and-Money/Hop-in-On-my-way-to-a-100k/m-p/1319127#M993
<P>In the last few years, I have downsized in so many ways! &nbsp;I have sold and given away so many things that I didn't have a use for. &nbsp; My home no longer has a guest room or a spare bathroom. &nbsp;In the last seven years, we have downsized from an 8 bedroom house to a studio. &nbsp;(At the time, we had 7 kids if you count the foster kids and everyone had thier own room.)</P><P>&nbsp;</P><P>In this journey to a 100 grand, I started with five simple steps.</P><P>&nbsp;</P><P>1. &nbsp;Transfer all balances that are not earning interest into interest bearing accounts. &nbsp; (The checking account that is not earning anything, dropped the balance to a penny.)</P><P>2. &nbsp;Close out all unused bank accounts. &nbsp;(I am from the day where out of state checks were not accepted, so a bank account was necessary in many places.)</P><P>3. &nbsp;Start a spreadsheet to list all bank accounts, the bank balances, and the interest rates. &nbsp;(Got a HUGE surprise there!)</P><P>4. &nbsp;Add a bottom section to list what each bank offers for a 5 yr CD - the minimum balance and the interest rate.&nbsp;</P><P>5. &nbsp;Step back and look at what you really have and reconsider where the money is going.</P><P>&nbsp;</P><P>I have spent the last two days following the first five steps. &nbsp;<img class="emoticon emoticon-smileyhappy" id="smileyhappy" src="http://fico.i.lithium.com/i/smilies/16x16_smiley-happy.gif" alt="Smiley Happy" title="Smiley Happy" /> &nbsp; And in the process, I discovered that I had an extra 1k+ tucked away here and there that was not obvious when I did the first big picture look. &nbsp; It took going through and listing every account, no matter how small the balance was to realize I had a little more than I thought.</P><P>&nbsp;</P><P>Edited to add - DH doesn't believe the numbers. &nbsp;We literally live paycheck to paycheck. &nbsp; And to see that we have xx amount available shocks him. &nbsp;And to think we could reach 100k by years end, well, he doens't believe it, but he is willing to try.</P><P>&nbsp;</P><P>I did have two "duh" moments. &nbsp;</P><P>&nbsp;</P><P>1. &nbsp; When I was in the shower (in the hotel), I was like duh, I should have asked for another free shampoo! &nbsp;I always take them with me and use them all up. &nbsp;If I don't need it, I don't ask for it. &nbsp; So in this case, a hotel shampoo will give me one day of hair washing...not sure what the dollar (or cent) value of that would be...but still, every penny adds up!</P><P>&nbsp;</P><P>2. &nbsp; The hotel was doing free cookies tonight. &nbsp;I couldn't eat them, so feeling kinda bummed. &nbsp;DH had suggested we spend a dollar or two and go buy me cookies. &nbsp;I said no - remember the goal. &nbsp;Instead, I asked the employee if I could have a breakfast muffin instead. &nbsp; The &nbsp;employee said sure! &nbsp; Sweet! &nbsp;Saved two dollars. &nbsp;<img class="emoticon emoticon-smileyhappy" id="smileyhappy" src="http://fico.i.lithium.com/i/smilies/16x16_smiley-happy.gif" alt="Smiley Happy" title="Smiley Happy" /></P>Fri, 30 Mar 2012 01:00:01 GMThttp://ficoforums.myfico.com/t5/Relationships-and-Money/Hop-in-On-my-way-to-a-100k/m-p/1319127#M993IOBA2012-03-30T01:00:01ZRe: Hop in! On my way to a 100k!http://ficoforums.myfico.com/t5/Relationships-and-Money/Hop-in-On-my-way-to-a-100k/m-p/1322161#M1002
<BLOCKQUOTE><HR /><P>&nbsp;</P><P>&nbsp;</P><P>1. &nbsp; When I was in the shower (in the hotel), I was like duh, I should have asked for another free shampoo! &nbsp;I always take them with me and use them all up. &nbsp;If I don't need it, I don't ask for it. &nbsp; So in this case, a hotel shampoo will give me one day of hair washing...not sure what the dollar (or cent) value of that would be...but still, every penny adds up!</P><P>&nbsp;</P><P>2. &nbsp; The hotel was doing free cookies tonight. &nbsp;I couldn't eat them, so feeling kinda bummed. &nbsp;DH had suggested we spend a dollar or two and go buy me cookies. &nbsp;I said no - remember the goal. &nbsp;Instead, I asked the employee if I could have a breakfast muffin instead. &nbsp; The &nbsp;employee said sure! &nbsp; Sweet! &nbsp;Saved two dollars. &nbsp;<img class="emoticon emoticon-smileyhappy" id="smileyhappy" src="http://fico.i.lithium.com/i/smilies/16x16_smiley-happy.gif" alt="Smiley Happy" title="Smiley Happy" /></P><HR /></BLOCKQUOTE><P>(1) My DGF and I always take the complimentary stuff at the hotels. That's what it is there for. She cleans house right before check out. We've amassed quite the nice "back-up" toiletries because of it. I've actually had a bunch of nice cups of coffees because of this as well. That right there is an easy dollar saved.</P><P>&nbsp;</P><P>(2) I could have sworn I had talked about cookies at hotels in another thread. I went to a Hampton Inn and they had them (I believe in Quakertown, PA)... and I grabbed a bunch. Just because you never know that you might want a snack somewhere down the road (we were taking a mini road trip) and voila, cookies. It actually did happen to us twice, and thankfully, we had the cookies. Definitely beats spending 5 bucks at a convinience store or a gas station where you are almost assured to be spending money on more than one thing.</P><P><BR />(3) DGF loves to write to the companies that we use, but sometimes she'll write to the companies whose products are featured as complimentary at hotels. The email will tell them that we loved the products used and are looking to become regular buyers in the future. We've gotten coupons, vouchers, and even free samples at times. Just for 2 minutes of her time, another few dollars saved.</P><P>&nbsp;</P><P>&nbsp;</P><P>We do things like this all the time, specially me. Hence the forum name. Anything to save a buck, means a buck I can count on later.</P>Sat, 31 Mar 2012 14:48:26 GMThttp://ficoforums.myfico.com/t5/Relationships-and-Money/Hop-in-On-my-way-to-a-100k/m-p/1322161#M1002FrugalRican2012-03-31T14:48:26ZRe: Hop in! On my way to a 100k!http://ficoforums.myfico.com/t5/Relationships-and-Money/Hop-in-On-my-way-to-a-100k/m-p/1328167#M1016
<P>The first week has successfully passed.&nbsp;</P><P>&nbsp;</P><UL><LI>I had to stick to my guns about the laundry.&nbsp; DH wanted to use the dryers at the Laundromat last time we went.&nbsp; Since he went with me and really wanted to do it, I said it was ok but he needed to realize that it would use up the rest of our laundry money up.&nbsp; That meant no more laundry before payday.&nbsp; He said ok.&nbsp;&nbsp; Hahahaha – a week later he’s talking about going to do laundry. I had to be VERY firm and say NO.&nbsp;&nbsp; There is no money.&nbsp; You have to wait until payday.&nbsp;&nbsp; He grumbled…he likes laundry done every week, not every two weeks.&nbsp; But he made his choice – to use the dryer.</LI><LI>Reorganized the kitchen cabinets.&nbsp; Turns out I had more food than I thought!&nbsp;&nbsp; So with some creativity, I have managed to stretch the food money through to payday.&nbsp; I admit, it’s getting harder and harder to do this, but I am trying.&nbsp; I chopped up the last two onions, put them in the crockpot, added some veggie broth and spices…and later the last of the tomatoes…made a great onion soup that has lasted 3 meals!&nbsp;&nbsp; Took the last 3 potatoes and made them into hash browns.&nbsp; Breakfast was hash browns and an apple. &nbsp;Now I am snacking on the candied giner. &nbsp;(oh. joy.)</LI><LI>Work sprung a "work meal" meeting. &nbsp;Oh. &nbsp;Joy. &nbsp;Which means eating out. &nbsp;Although it's a work expense, it comes out of the food budget becuase it happens in the here and the now. &nbsp;Thank goodness we were stretching the food in the house! &nbsp; We barely -- and I do mean BARELY -- have enough to attend the mandatory meeting and make the mandatory food purchases. &nbsp;(They require everyone order. &nbsp;No exceptions.) &nbsp;We will go light, skimpy, eat before hand, and do the bare minimum.</LI><LI>In the process of looking for “something” (screws, I think) I found things I could freecycle AND things I could return to the store for a gift card!!&nbsp; Weu weu!</LI><LI>The items I needed, but didn’t have, I told DH we had two choices – wait until the end of the month payday when there was new money in the budget for “household” stuffs or we had to do enough returns for a store credit.&nbsp;&nbsp; Luckily, we had enough returns for a store credit to cover everything we needed.&nbsp; Yeah!</LI><LI>Informed DH that if there is any food cash money left over come payday, it goes into our 100 grand plan.&nbsp;&nbsp; His eyes got bigger – “Really??”&nbsp;&nbsp; Yeppers!&nbsp; So he is much more a partner now about eating in.</LI><LI>Found some money on the ground (21 cents) and that is being applied to the 100k.</LI><LI>Received a gift of $25 – that is going towards the plan of a 100 grand.</LI><LI>Mapped out payday money. &nbsp;It's tight, but sticking to the goal of paying myself first.</LI></UL><P>&nbsp;</P><P>So this past week was baby steps.</P>Tue, 03 Apr 2012 14:56:08 GMThttp://ficoforums.myfico.com/t5/Relationships-and-Money/Hop-in-On-my-way-to-a-100k/m-p/1328167#M1016IOBA2012-04-03T14:56:08ZRe: Hop in! On my way to a 100k!http://ficoforums.myfico.com/t5/Relationships-and-Money/Hop-in-On-my-way-to-a-100k/m-p/1328181#M1017
<P><SPAN><A target="_self" href="http://ficoforums.myfico.com/t5/user/viewprofilepage/user-id/545879">FrugalRican</A>&nbsp;- Some of the hotels I stay at offer free cookies (not all). &nbsp;I do take two, if there is enough. &nbsp;Shampoo, conditioner, soap, etc. &nbsp;I take what I will use or have used. &nbsp;In the old days, I'd take the partially used tp off the roller, but not anymore.</SPAN></P><P>&nbsp;</P><P><SPAN>I also ask the desk clerk, when I check in, for a few ingredients to cook dinner --- usually milk and butter. &nbsp; They have always given me what I need. &nbsp;Bless their hearts!</SPAN></P><P>&nbsp;</P><P><SPAN>I still bring the last opened bar of soap with me from hotel to home to hotel, but it's mainly cuz I do not want to waste it. &nbsp;I use to collect the unopened soaps, but anymore. &nbsp;I need to go through what I have first. &nbsp;I think I have 3 unused bars...</SPAN></P><P>&nbsp;</P><P><SPAN>I stopped taking coffee cuz I was overwhelmed with it. &nbsp;&nbsp;</SPAN></P><P>&nbsp;</P><P><SPAN>But yeah, there are ways to reduce expenses with complimentary items. &nbsp;<img class="emoticon emoticon-smileyhappy" id="smileyhappy" src="http://fico.i.lithium.com/i/smilies/16x16_smiley-happy.gif" alt="Smiley Happy" title="Smiley Happy" /></SPAN></P>Tue, 03 Apr 2012 15:00:22 GMThttp://ficoforums.myfico.com/t5/Relationships-and-Money/Hop-in-On-my-way-to-a-100k/m-p/1328181#M1017IOBA2012-04-03T15:00:22ZRe: Hop in! On my way to a 100k!http://ficoforums.myfico.com/t5/Relationships-and-Money/Hop-in-On-my-way-to-a-100k/m-p/1328195#M1018
<BLOCKQUOTE><HR />IOBA wrote:<BR /><P>The first week has successfully passed.&nbsp;</P><P>&nbsp;</P><UL><LI>I had to stick to my guns about the laundry.&nbsp; DH wanted to use the dryers at the Laundromat last time we went.&nbsp; Since he went with me and really wanted to do it, I said it was ok but he needed to realize that it would use up the rest of our laundry money up.&nbsp; That meant no more laundry before payday.&nbsp; He said ok.&nbsp;&nbsp; Hahahaha – a week later he’s talking about going to do laundry. I had to be VERY firm and say NO.&nbsp;&nbsp; There is no money.&nbsp; You have to wait until payday.&nbsp;&nbsp; He grumbled…he likes laundry done every week, not every two weeks.&nbsp; But he made his choice – to use the dryer.</LI><LI>Reorganized the kitchen cabinets.&nbsp; Turns out I had more food than I thought!&nbsp;&nbsp; So with some creativity, I have managed to stretch the food money through to payday.&nbsp; I admit, it’s getting harder and harder to do this, but I am trying.&nbsp; I chopped up the last two onions, put them in the crockpot, added some veggie broth and spices…and later the last of the tomatoes…made a great onion soup that has lasted 3 meals!&nbsp;&nbsp; Took the last 3 potatoes and made them into hash browns.&nbsp; Breakfast was hash browns and an apple. &nbsp;Now I am snacking on the candied giner. &nbsp;(oh. joy.)</LI></UL><P>&nbsp;</P><P>So this past week was baby steps.</P><HR /></BLOCKQUOTE><P>Just wanted to comment, since I had the first discussion with DGF. She doesn't understand why I do laundry every two weeks instead of every 3 or 4 days like she does. I rent and have no washer/dryer. She has her own house and does. She doesn't understand yet that it's a lot more convenient and cost-effective to have two weeks worth of clothes done at once rather than every few days. She has the convenience of doing them at home, first off, and I don't... so that alone makes a world of a difference. I also have to toy around with the times the laundromat is open and make sure I don't go there when it's full.</P><P>&nbsp;</P><P>So I feel your pain on the laundry one. WAY cheaper to do it all at once then spread out.</P><P>&nbsp;</P><P>I reorganized my pantry a few weeks ago and wanted to move to the front everything that expires this year.</P><P>Lo and behold, I found out I had enough pasta to feed 17 families. But only 3 jars of sauce. This is what the can-can sale at Shoprite does to you.</P><P>&nbsp;</P><P>&nbsp;</P><P>&nbsp;</P><P>But back to you, I applaud your efforts. This is good stuff right here.</P>Tue, 03 Apr 2012 15:06:11 GMThttp://ficoforums.myfico.com/t5/Relationships-and-Money/Hop-in-On-my-way-to-a-100k/m-p/1328195#M1018FrugalRican2012-04-03T15:06:11ZRe: Hop in! On my way to a 100k!http://ficoforums.myfico.com/t5/Relationships-and-Money/Hop-in-On-my-way-to-a-100k/m-p/1340721#M1030
<P>I now have three c.d.'s at Ally, and I opened an interest checking account. The c.d.'s and interest checking account are to pay off my student loans, and make my auto insurance payment in August. (Any payments made on my student loans before May 5th will be applied towards my 3.4%, no matter how many letters I write or phone calls I make. After May 5th, I'm allowed to pay down the 6.8% student loan. I set up automatic payments from the Ally account to begin on May 7th, and all the money I want to pay on them before my grace period ends is in there or in the c.d.'s and will automatically deposit in there upon maturity.) I also set up another c.d., just because I had too much money. I started working full-time again in November, and I've been poor for so long, I just didn't know how to spend money anymore, so I'm going to save it all. I amassed a few thousand in my in my credit union checking account, but they made me mad. I opened a Discover high-yield savings account, new checking and savings accounts at a different credit union, now the new interest checking account and c.d.'s at Ally, all within the last month. I also wanted a credit score, again, (I lived cash-only after my divorce in 2003), so I've opened two major credit cards, one credit union credit card that I just closed (like I said, my credit union made me mad), one gas card and one retail charge card. I was playing with my credit score, but I raised it too much and now it's just sitting there, waiting for my accounts to mature or for me to get a mortgage or car loan. I needed a new game to play, so I started opening new accounts and c.d.'s. This is getting a little excessive. My DBF doesn't understand, neither does my brother or mother, but including the c.d.'s, the credit/charge cards, the checking and savings accounts, I've opened 12 total accounts since December. Before that, I had the same two accounts at my credit union for eight years. I think they're all juggled well and most of my payments or transfers are automatic, but this way I don't have to look at my money, and can continue living the frugal life to which I am accustomed.</P><P>&nbsp;</P><P>IOBA, I get paid once a month, and I think I'll start getting a new c.d. every payday, too. This sounds like more fun than raising a credit score, plus I don't have to be offended by having too high of a balance in my accounts. :-P</P>Tue, 10 Apr 2012 06:27:39 GMThttp://ficoforums.myfico.com/t5/Relationships-and-Money/Hop-in-On-my-way-to-a-100k/m-p/1340721#M1030Dawnstream2012-04-10T06:27:39ZRe: Hop in! On my way to a 100k!http://ficoforums.myfico.com/t5/Relationships-and-Money/Hop-in-On-my-way-to-a-100k/m-p/1343803#M1032
<P>The second week came to a nice close. &nbsp; Yeah!!</P><P>&nbsp;</P><P>* I used the IRS calculator to figure out an estimate of tax obligation for tax year 2012. &nbsp; Realized that if I tweak that and do that, I can squeeze even more out of my paycheck. &nbsp;(Every year, for the first 3 months, I have my withholdings at the max - 10 dependents for the Federal. &nbsp;So I get that extra to tide me though the first few months.) &nbsp; So, did the math, and realized that when I had shifted back to the zero deductions, I woudl be overpaying. &nbsp;So I tweaked and on Friday, I will get a sneak preview of what my new net amount will be. &nbsp; Weu weu!!</P><P>&nbsp;</P><P>* I have a tenative new budget based on the projected new net pay. &nbsp;Will finalize it when I get the sneak peak. &nbsp;Of course, I will continue to pay myself first.</P><P>&nbsp;</P><P>* Decided to fully fund the IRA's asap! &nbsp;My CU is offering a special CD at 3% APY for IRA's. &nbsp; Count me in!</P><P>&nbsp;</P><P>* Decided that the emergency fund should have 50k in it. &nbsp;Don't have it right now. &nbsp; But it's something to work towards. &nbsp;I am still purchasing the CD's every payday.</P><P>&nbsp;</P><P>* Discovered (or re-realized) that if I can put my annuity up to 10k, my interest rate will go up .05%. &nbsp;Ok - did that. &nbsp; <img class="emoticon emoticon-smileyhappy" id="smileyhappy" src="http://fico.i.lithium.com/i/smilies/16x16_smiley-happy.gif" alt="Smiley Happy" title="Smiley Happy" /> &nbsp; I already earn 54 cents a day...wonder if that will jump to 55 cents a day?? &nbsp;Or rather, WHEN it will jump to 55 cents a day.</P><P>&nbsp;</P><P>* At one point, early in the week, I was sooo hungry, I was looking around the yard and wondering what was edible! &nbsp;<img class="emoticon emoticon-smileyhappy" id="smileyhappy" src="http://fico.i.lithium.com/i/smilies/16x16_smiley-happy.gif" alt="Smiley Happy" title="Smiley Happy" /> &nbsp; Saw the bamboo....you know they sell that stuff in stores, right? &nbsp;<img class="emoticon emoticon-smileywink" id="smileywink" src="http://fico.i.lithium.com/i/smilies/16x16_smiley-wink.gif" alt="Smiley Wink" title="Smiley Wink" /> &nbsp; I got past it and planted more seeds for a garden.</P><P>&nbsp;</P><P>* Definitely going through the food in the house. &nbsp; Those three cans of clams bought for clam chowder - made the clam chowder. &nbsp;Only needed to spend $2.99 (plus tax) to get the one missing ingredient. &nbsp;That can of salmon - ate it. &nbsp;Been doing that. &nbsp; &nbsp;Not sure how substainable the $200 a paycheck food budget is, but with some work, I think it can happen. &nbsp;&nbsp;</P><P>&nbsp;</P><P>* Paying for eating out and for groceries with cash. &nbsp; All the extra coins go into the bank. &nbsp;<img class="emoticon emoticon-smileyhappy" id="smileyhappy" src="http://fico.i.lithium.com/i/smilies/16x16_smiley-happy.gif" alt="Smiley Happy" title="Smiley Happy" /></P><P>&nbsp;</P><P>* I buy an Ally CD every month. &nbsp;Did it for April too, but instead of choosing the 4 yr one, which I normally do, I choose the no penalty 11 month. &nbsp;It's earning basically the same as my savings account (.94%) and it will mature in 11 months. &nbsp; I can then move it into something that is earning as much or more in interest.</P><P>&nbsp;</P><P>* Of course, I update my chart almost daily. &nbsp;<img class="emoticon emoticon-smileyhappy" id="smileyhappy" src="http://fico.i.lithium.com/i/smilies/16x16_smiley-happy.gif" alt="Smiley Happy" title="Smiley Happy" /> &nbsp; There is a gap between the reality and the goal. &nbsp;We call that our "find under a rock" money. &nbsp;Those loose coins I redeposit into the account helps reduce the amount of money we need to find under a rock. &nbsp;<img class="emoticon emoticon-smileywink" id="smileywink" src="http://fico.i.lithium.com/i/smilies/16x16_smiley-wink.gif" alt="Smiley Wink" title="Smiley Wink" /> &nbsp; I know, it's corky, but we take pride in reducing that number.</P><P>&nbsp;</P><P>*whew* &nbsp;Can do this!! &nbsp;</P>Wed, 11 Apr 2012 18:41:37 GMThttp://ficoforums.myfico.com/t5/Relationships-and-Money/Hop-in-On-my-way-to-a-100k/m-p/1343803#M1032IOBA2012-04-11T18:41:37ZRe: Hop in! On my way to a 100k!http://ficoforums.myfico.com/t5/Relationships-and-Money/Hop-in-On-my-way-to-a-100k/m-p/1343825#M1033
<P><SPAN><A target="_self" href="http://ficoforums.myfico.com/t5/user/viewprofilepage/user-id/571175">Dawnstream</A>&nbsp;- Welcome! &nbsp; And yes, a CD every payday is much more fun than worrying about the credit score or worried about too much in the bank account.</SPAN></P><P>&nbsp;</P><P><SPAN>I have an excel chart that tracks each CD and when it matures. &nbsp;I am blessed that the CU allows me to continually add to any CD that is open. &nbsp;So I have been adding to those now with loose change. &nbsp;My goal is to (eventually) get their balances up to 2k. &nbsp; But for now, I am stretching for $200 balance on each CD in addition to opening a new one each payday. &nbsp;&nbsp;</SPAN></P><P>&nbsp;</P><P><SPAN>I do count my total CD balances (if they are regular CD's) in the big plan for a 100 grand. &nbsp; If they are IRA CD's (and I have a few of those), they are NOT included in my total. &nbsp; The reason being I can't easily access those without stiff penalties to the IRS. &nbsp;&nbsp;</SPAN></P><P>&nbsp;</P><P><SPAN>Since I started the CD game, I have managed to save an astonishing 19k+!! &nbsp; I know, right - awesome??? &nbsp; And that doesn't count the 3k I bought my youngest as a graduation gift. &nbsp; He will be able to access it when he completes a BS or equalivent (sp)&nbsp;college degree. &nbsp;It's meant to be seed money to get his own place or to help with another degree.</SPAN></P><P>&nbsp;</P><P><SPAN>Have you sent a monetary goal to reach with CD's? &nbsp; Are you laddering them so you have some that mature next year and in the years following?</SPAN></P>Wed, 11 Apr 2012 18:53:57 GMThttp://ficoforums.myfico.com/t5/Relationships-and-Money/Hop-in-On-my-way-to-a-100k/m-p/1343825#M1033IOBA2012-04-11T18:53:57ZRe: Hop in! On my way to a 100k!http://ficoforums.myfico.com/t5/Relationships-and-Money/Hop-in-On-my-way-to-a-100k/m-p/1346897#M1040
<P>Oh, oh, oh! &nbsp;Jumping up and down!!! &nbsp; I moved the money from the savings account to the IRA - just like I mentioned in my plan. &nbsp; (Least, I think I mentioned it...)</P><P>&nbsp;</P><P>I am already earning more than a dollar a day in interest!! &nbsp; This dollar and some change, if multiplied by 30 (days) is more than I was making in interest when it was just sitting in the bank! &nbsp;Weu weu weu weu!!!</P><P>&nbsp;</P><P>I don't count it in the big plan for a 100 grand, but I am thinking of starting another chart to watch my retirement grow. &nbsp;<img class="emoticon emoticon-smileyhappy" id="smileyhappy" src="http://fico.i.lithium.com/i/smilies/16x16_smiley-happy.gif" alt="Smiley Happy" title="Smiley Happy" /></P><P>&nbsp;</P>Fri, 13 Apr 2012 02:20:40 GMThttp://ficoforums.myfico.com/t5/Relationships-and-Money/Hop-in-On-my-way-to-a-100k/m-p/1346897#M1040IOBA2012-04-13T02:20:40ZRe: Hop in! On my way to a 100k!http://ficoforums.myfico.com/t5/Relationships-and-Money/Hop-in-On-my-way-to-a-100k/m-p/1347829#M1046
<P>I just wanted to say that I'm really enjoying reading your posts! &nbsp;I do pretty well managing money and am in a decent position so far with regard to saving for retirement, but you're inspiring me to see what more I can do. &nbsp;<img class="emoticon emoticon-smileyhappy" id="smileyhappy" src="http://fico.i.lithium.com/i/smilies/16x16_smiley-happy.gif" alt="Smiley Happy" title="Smiley Happy" /></P>Fri, 13 Apr 2012 14:57:35 GMThttp://ficoforums.myfico.com/t5/Relationships-and-Money/Hop-in-On-my-way-to-a-100k/m-p/1347829#M1046lolabelle2012-04-13T14:57:35ZRe: Hop in! On my way to a 100k!http://ficoforums.myfico.com/t5/Relationships-and-Money/Hop-in-On-my-way-to-a-100k/m-p/1347837#M1047
<P>IOBA, are you an accountant?</P>Fri, 13 Apr 2012 14:58:51 GMThttp://ficoforums.myfico.com/t5/Relationships-and-Money/Hop-in-On-my-way-to-a-100k/m-p/1347837#M1047FrugalRican2012-04-13T14:58:51ZRe: Hop in! On my way to a 100k!http://ficoforums.myfico.com/t5/Relationships-and-Money/Hop-in-On-my-way-to-a-100k/m-p/1348955#M1051
<P><SPAN><A target="_self" href="http://ficoforums.myfico.com/t5/user/viewprofilepage/user-id/324138">lolabelle</A>&nbsp;- aw, thank you! &nbsp; I plan to post weekly about the plan for a 100 grand. &nbsp;<img class="emoticon emoticon-smileyhappy" id="smileyhappy" src="http://fico.i.lithium.com/i/smilies/16x16_smiley-happy.gif" alt="Smiley Happy" title="Smiley Happy" /> &nbsp; I have already started to sum up this week's actions into a points to post. &nbsp;&nbsp;</SPAN></P><P>&nbsp;</P><P><SPAN><SPAN><A target="_self" href="http://ficoforums.myfico.com/t5/user/viewprofilepage/user-id/545879">FrugalRican</A>&nbsp;- nope, not an accountant. &nbsp; Friends say I have a PhD in finance, since I "get it" and can talk circles around bankers and accoutants, but I do not have the formal degree. &nbsp; A lot of my "smarts" is from having to be responsible for myself at a very young age. &nbsp; I learned early on how to stretch a dollar, comparsion shop, etc. &nbsp; Since then, I am a sponge, soaking up as much information as I can about different topics.</SPAN><BR /></SPAN></P>Fri, 13 Apr 2012 23:41:44 GMThttp://ficoforums.myfico.com/t5/Relationships-and-Money/Hop-in-On-my-way-to-a-100k/m-p/1348955#M1051IOBA2012-04-13T23:41:44ZRe: Hop in! On my way to a 100k!http://ficoforums.myfico.com/t5/Relationships-and-Money/Hop-in-On-my-way-to-a-100k/m-p/1353231#M1058
<P>The third week closed with a nice jump in interest being earned!</P><P>&nbsp;</P><UL><LI>Tweaked my budget.&nbsp;&nbsp; My disposable income will be 91 cents after it’s all said and done.&nbsp; Of course, that will go into the emergency fund.&nbsp;&nbsp; I know, I know, at the rate of 91 cents it is not going to grow very fast.&nbsp;&nbsp; That’s not the point.&nbsp;&nbsp; The point is I have a budget that I can stick to AND I have a few pennies left over!&nbsp;&nbsp;</LI><LI>Also saw the new tax deductions (in week two, I used the IRS calculator to figure out my tax liability for 2012 and played with the numbers to maximize the paycheck), did the math, and my refund will be small.&nbsp;&nbsp; Which translates to --- I am getting the max out of my paycheck right now!&nbsp; Weu weu!</LI><LI>I fully funded the IRA.&nbsp; I am now earning 41 cents a day on one of them!&nbsp; (On average, I am earning $2.52 a day in interest on the IRA.&nbsp; This is a jump of about 52 a day.</LI><LI>The annuity interest jumped from 54 cents a day to 66 cents a day by getting the balance up to 10k.&nbsp; Wow.</LI><LI>Instead of looking in the yard, hungry…I have really turned an eye to what I currently have in the house.&nbsp;&nbsp; Like tonight was Alfredo.&nbsp;&nbsp; Used up a box of pasta, an Alfredo mix, a carton of milk, the rest of the open butter, and ¼# of bacon I had previously cooked and left crumbled in the fridge.&nbsp;&nbsp; Cooked the fresh veggies too.&nbsp; Dinner cost about $10 or so….but I had everything already in the house.&nbsp; I am starting to see empty spaces on the shelves as I look to use up what is here.&nbsp; (Saves me money.&nbsp;&nbsp; All extra grocery money goes into the bank!)</LI><LI>In week three, I was able to add an extra $3.57 in loose coins into the house emergency fund.&nbsp; Sounds small, but it does add up.&nbsp;&nbsp; The coins came from what was found on the ground and from paying cash for food.</LI><LI>With the budget for next week, I will be technically short “$56” due to paying some medical bills.&nbsp;&nbsp; Youngest son calls up and wants me to chip in for a nice present for someone deserving.&nbsp;&nbsp; I explained about only having 91 cents as disposable cash and that I was going to be short this next payday by about $50.&nbsp;&nbsp; Bless his heart, he offered me $50!&nbsp; (He’s 18 yrs old!)&nbsp; I asked him a few questions about it, knowing I could not pay it back.&nbsp; He was gifting it to me.&nbsp;&nbsp; But going big picture, I realized that I had enough Amex points to get a $100 credit on the card.&nbsp;&nbsp; Now I don’t need his cash.&nbsp; Yeah me for finding a good alternative!!</LI><LI>Earmarked some money for a business trip for December.&nbsp; I am adding a few extra days to the trip.&nbsp;&nbsp; That ear marked money was deducted from the big picture and grand plan.</LI><LI>I decided that I should set up a separate game for retirement.&nbsp; I am a late bloomer – or rather a late saver for retirement.&nbsp;&nbsp; I decided that really big picture should be 1 million (retirement accounts and 100 grand plan)</LI><LI>Figured out exactly how much is in retirement accounts now, total.&nbsp; Figured out the dollar amount the employer puts in (match up to 5%).</LI><LI>Told someone about the 1 million plan.&nbsp;&nbsp; The person, with disbelief written all over their face, started doing the math.&nbsp; Said no way, no how can you become a millionaire in 4 yrs.&nbsp;&nbsp; Ok, technically, I can’t on paper.&nbsp;&nbsp; But my realty will be different.&nbsp;&nbsp;&nbsp; Maybe it will take me 4.5 yrs or longer, but I am going to push for it.&nbsp; With my MYFICO family and friends giving encouragement, I am sure I can do it.&nbsp;&nbsp; I figure, the more cash in the bank, the more interest I am going to earn, right?&nbsp;&nbsp; And the more careful I am with my money, the better my chances of making it, right?</LI></UL><P>&nbsp;</P><P>The amount of money that I need to find under a rock for my 100 grand plan – currently $28,953.73.&nbsp;&nbsp; The number subject to change on a weekly basis as I find money here and there, while earning a little interest on my savings/cd’s.</P>Tue, 17 Apr 2012 00:16:43 GMThttp://ficoforums.myfico.com/t5/Relationships-and-Money/Hop-in-On-my-way-to-a-100k/m-p/1353231#M1058IOBA2012-04-17T00:16:43ZRe: Hop in! On my way to a 100k!http://ficoforums.myfico.com/t5/Relationships-and-Money/Hop-in-On-my-way-to-a-100k/m-p/1358985#M1064
<P>IOBA -- your money management is fascinating to read about!&nbsp; I have a few questions though.&nbsp;</P><P>&nbsp;</P><P>What do you use your credit cards for?&nbsp;</P><P>&nbsp;</P><P>How do you budget for gift giving &lt;--- THIS is a huge money drain for us.&nbsp; It seems like every time we turn around there's a housewarming, there's a baby shower, wedding shower, wedding gift, graduation, BESIDES all the birthdays.&nbsp; What do YOU do?&nbsp;</P><P>&nbsp;</P><P>Your savings plan, laddered CDs, and everything else you've spoken of in your other posts amazes me!</P><P>&nbsp;</P><P>Oh yes, you keep referring to TSP -- what does that stand for?</P><P>&nbsp;</P><P>Thank you for your inspirational posts.&nbsp; I really appreciate everything you've written. <img class="emoticon emoticon-smileyhappy" id="smileyhappy" src="http://fico.i.lithium.com/i/smilies/16x16_smiley-happy.gif" alt="Smiley Happy" title="Smiley Happy" /></P>Fri, 20 Apr 2012 04:31:02 GMThttp://ficoforums.myfico.com/t5/Relationships-and-Money/Hop-in-On-my-way-to-a-100k/m-p/1358985#M1064discernment2012-04-20T04:31:02ZRe: Hop in! On my way to a 100k!http://ficoforums.myfico.com/t5/Relationships-and-Money/Hop-in-On-my-way-to-a-100k/m-p/1359005#M1065
<P>Well, add me to the pile of inspired individuals.&nbsp; I will be following your journey and appreciate you sharing with us!</P><P>&nbsp;</P><P>I have a five month old who has more money in his savings account than I did in mine, so I decided instead of <EM>just</EM> saving for him, I should save for myself, too.&nbsp; It's funny that you say you pay yourself first, because that was a realization that I just recently came to after a few months of dumping extra money into my savings.&nbsp; I'd heard the saying before but I never applied it to myself.&nbsp; Rent is priority, utilities are priority, my car was a priority before I paid it off - I should be a priority, too!&nbsp; At least over shopping and snacks from work!</P><P>&nbsp;</P><P>I have recently budgeted and with all of my bills, I have too much money left over to not be able to save some of it.&nbsp; Hilariously enough, I have managed to save more money with a baby than I ever did before he came along.&nbsp; No more going out every night, buying drinks and $30 worth of Taco Bell. <img class="emoticon emoticon-smileyvery-happy" id="smileyvery-happy" src="http://fico.i.lithium.com/i/smilies/16x16_smiley-very-happy.gif" alt="Smiley Very Happy" title="Smiley Very Happy" /></P>Fri, 20 Apr 2012 05:11:17 GMThttp://ficoforums.myfico.com/t5/Relationships-and-Money/Hop-in-On-my-way-to-a-100k/m-p/1359005#M1065Adalen2012-04-20T05:11:17ZRe: Hop in! On my way to a 100k!http://ficoforums.myfico.com/t5/Relationships-and-Money/Hop-in-On-my-way-to-a-100k/m-p/1361723#M1075
<P><SPAN><A target="_self" href="http://ficoforums.myfico.com/t5/user/viewprofilepage/user-id/498742">discernment</A>&nbsp;- So glad you asked! &nbsp;<img class="emoticon emoticon-smileyhappy" id="smileyhappy" src="http://fico.i.lithium.com/i/smilies/16x16_smiley-happy.gif" alt="Smiley Happy" title="Smiley Happy" /></SPAN></P><P>&nbsp;</P><P><SPAN>1. &nbsp;Credit cards - </SPAN></P><P><SPAN>* Lots of work travel. &nbsp;Sometimes takes up to three months to be reimbursed. &nbsp;Yes, there is a work issued cc, but I would rather put it on my cc and earn the points. &nbsp;<img class="emoticon emoticon-smileyhappy" id="smileyhappy" src="http://fico.i.lithium.com/i/smilies/16x16_smiley-happy.gif" alt="Smiley Happy" title="Smiley Happy" /></SPAN></P><P><SPAN>* Gas and auto maintenance/repairs. &nbsp; Even though my car has 130k+ miles on it, it's still all maintenance with no repair bills yet. &nbsp;(Thank you!)</SPAN></P><P><SPAN>* Cell phone. &nbsp;I call up each month and charge the cell phone to the cc.</SPAN></P><P><SPAN>* Maintenance. &nbsp; Anything that is maintenance for anything, I put on the cc. &nbsp;For the points, of course.</SPAN></P><P><SPAN>* Some food - if I run out of cash. &nbsp; I do try to stick to cash for food related purchases.</SPAN></P><P><SPAN>* On occasion - entertainment. &nbsp;I don't go to the movies very often. &nbsp;When I do, it's the discount theater. &nbsp;Or I will rent a movie from Redbox. &nbsp;I will go to museums, aquriums, etc. &nbsp;I try to plan ahead so I can pay cash for these, but sometimes, it's not in the cards. &nbsp;I also ask for every possible discount for the ticket, if &nbsp;the place is not free. &nbsp;I ask for AARP, AAA, military, out of state, it's Wednesday, it's nearly closing time discount. &nbsp; I am often pleasantly surprised to receive some kind of discount! &nbsp; lol - um, I don't have membership with all of those things listed, but I ask.</SPAN></P><P><SPAN style="line-height: 14px;">* National Park Pass - $80 - charge. &nbsp;For the points of course. &nbsp;I don't buy it every year, same time. &nbsp;I wait until I go to a National Park and then purchase it. &nbsp;So sometimes, but not always, there is a gap in the membership.</SPAN></P><P>&nbsp;</P><P><SPAN style="line-height: 14px;">2. &nbsp;Gift giving. &nbsp; For the most part, we actually stopped gift giving. &nbsp;</SPAN></P><P><SPAN style="line-height: 14px;">* &nbsp;For the kids, we put in money into their bank account. &nbsp; Basically, a dollar for their age (20 yrs old gets $20) until the age of 25. &nbsp; Then we stop. &nbsp; The kids receive gifts from their friends and from their grandparents. &nbsp; They never seem to appreciate the effort people put into gift buying for them. &nbsp;So we stopped. &nbsp; The money saved up until there was enough to put into a cd for them. &nbsp; &nbsp; There it sits until one of two things happens - they graduate from college with a Bachelor's or higher OR they pull their heads out of their behind. &nbsp; &lt;--- to explain, we have one adult child who doesn't speak to us for other reasons. &nbsp;So the money will sit in the cd indefinitely. &nbsp; She's 24 next month. &nbsp; The next adult child graduates from college next month (oh my gosh - in 2 weeks!). &nbsp; if he stays in touch and talks to us after graduation, then he will be given a choice of what to do with the mula in the CD. &nbsp; The third one knows it's there and can't wait to get his hands on it. &nbsp; But he has some time yet - he's only 18 and still in high school. &nbsp; In addition to the birthday money, we put aside $100 into their accounts for every year of high school that they complete successfully with a cap of four years. &nbsp; The idea is that they can use that as seed money when they graduate from college to get their first place, or whatever. &nbsp; We also give the kids (or mail them) a nice card.&nbsp;</SPAN></P><P><SPAN style="line-height: 14px;">* &nbsp;We also offer the kids the home cooked meal of their choice and an experience. &nbsp; We use to do birthday bbq's and pizza parties. &nbsp;For major events, like graduation, we offer them a trip to some place they would really like to go to BUT they have to plan it themselves and give us the information at least 6 months prior to departure so we can plan for it and save for it. &nbsp; Little kids are happy with local things - like the park, the pool, the bowling alley, grandma's. &nbsp; Older kids want to go a little further away. &nbsp; The young adults want to take more exotic trips - like to Europe. &nbsp; We &nbsp;said ok, but we need a year to save. &nbsp; Too long for them to wait. &nbsp;Lol. &nbsp;<img class="emoticon emoticon-smileyhappy" id="smileyhappy" src="http://fico.i.lithium.com/i/smilies/16x16_smiley-happy.gif" alt="Smiley Happy" title="Smiley Happy" /></SPAN></P><P><SPAN style="line-height: 14px;">* Parents - a nice card for birthday, mother/father days, and the holidays. &nbsp; At the holiday time, we send a food basket that everyone there for the holidays can enjoy OR we send them a gift card for their grocery store so they can indulge. &nbsp; One set of parents is very comfortable with money, but won't indulge in some unique things. &nbsp; The other set of parents have a fluxating income in their retirement. &nbsp;&nbsp;</SPAN></P><P><SPAN style="line-height: 14px;">* Siblings - a birthday and holiday card. &nbsp;&nbsp;</SPAN></P><P><SPAN style="line-height: 14px;">* Neices, nephews, cousins - a birthday card. &nbsp; Some neices, nephews, cousins are kinder and actually say thank you and acknowledge the card. &nbsp;Those relatives are invited to join us for fun activities and trips. &nbsp;For those that don't. well, ok, your choice. &nbsp; &nbsp;When they were little, we would do things like present them with fresh strawberries from the garden - they loved it! &nbsp;It was edible and in the moment! &nbsp; As they grew older, sharing experiences and spending time together worked.</SPAN></P><P><SPAN style="line-height: 14px;">* Co-workers - a nice card.</SPAN></P><P><SPAN style="line-height: 14px;">* Baby showers, bridal showers, and all of those types of things - a nice card. &nbsp;&nbsp;</SPAN></P><P><SPAN style="line-height: 14px;">* Housewarming gift - I give them toilet paper, paper towels, and keenex. &nbsp;<img class="emoticon emoticon-smileyhappy" id="smileyhappy" src="http://fico.i.lithium.com/i/smilies/16x16_smiley-happy.gif" alt="Smiley Happy" title="Smiley Happy" /> &nbsp; Stuff I already have here. &nbsp;Seriously, I do give them that stuff!</SPAN></P><P><SPAN style="line-height: 14px;"><BR /></SPAN></P><P><SPAN style="line-height: 14px;">To sum up the gift giving - we don't go shopping and spending money very often. &nbsp;Our max budget is $200 for the year. &nbsp; That includes kids, etc. &nbsp; It was a major change for us, especially for me. &nbsp; But I find that I don't stress over finding the perfect gift. &nbsp;I dont' worry about the money. &nbsp; And nobody expects something from me, other than to spend some time together and make a new memory. &nbsp; It's <STRONG>WONDERFUL!!</STRONG></SPAN></P><P>&nbsp;</P><P><SPAN style="line-height: 14px;">If I come across something that is sooo perfect for someone, I pick it up and give it to them as a gift. &nbsp; It's a "Just because you are you" gift. &nbsp;</SPAN></P><P>&nbsp;</P><P><SPAN style="line-height: 14px;">Going to giving cards and memories is a major change for many people, but it's soooo worth it if you do make the change!</SPAN></P><P>&nbsp;</P><P><SPAN style="line-height: 14px;">3. &nbsp;Savings plan, laddered CD's, and everything else --- it's amazing how much I have been able to save without realizing it! &nbsp; <U><EM><STRONG>Pay yourself first.</STRONG></EM></U>&nbsp; &nbsp;The CD's really surprised me! &nbsp;I have more in CD's than I do in savings - for the moment. &nbsp;&nbsp;</SPAN></P><P>&nbsp;</P><P><SPAN style="line-height: 14px;">4. &nbsp;TSP - thrift savings plan. &nbsp;It's the goverment version of a 401k plan. &nbsp;</SPAN></P><P>&nbsp;</P><P><SPAN style="line-height: 14px;">5. &nbsp; You didn't mention it, but it goes along with gift giving - and that is donations. &nbsp; We set aside $200 a year for cash donations. &nbsp; Now this is going to surprise you. &nbsp;It definitely surprised me. &nbsp; The few places I have given cash donations to before haven't asked since. &nbsp; It's shocking. &nbsp; I also have a rule with them - I want an acknowledgement, a &nbsp;thank you for the donation. &nbsp; Since no one has asked for a donation recently, it's kinda faded out of the budget. &nbsp; The same mula that was set aside a few years ago just sits there, earning interest.</SPAN></P><P>&nbsp;</P><P><SPAN style="line-height: 14px;">6. &nbsp;Debit card -- I don't have one. &nbsp;If I want cash, I have to plan it out and walk into a branch. &nbsp; Really helps with not overspending. &nbsp;<img class="emoticon emoticon-smileyhappy" id="smileyhappy" src="http://fico.i.lithium.com/i/smilies/16x16_smiley-happy.gif" alt="Smiley Happy" title="Smiley Happy" /></SPAN></P><P>&nbsp;</P><P><SPAN style="line-height: 14px;">Along the same lines, I participate in free cycle. &nbsp; It's nice to know that I can give to my neighbors and the items will be used.</SPAN></P><P>&nbsp;</P><P><SPAN style="line-height: 14px;">Week four is about to end...and boy do I have some stuffs to share!</SPAN></P><P>&nbsp;</P><P><SPAN style="line-height: 14px;">Edited to correct a spelling error.</SPAN></P>Sun, 22 Apr 2012 01:08:57 GMThttp://ficoforums.myfico.com/t5/Relationships-and-Money/Hop-in-On-my-way-to-a-100k/m-p/1361723#M1075IOBA2012-04-22T01:08:57ZRe: Hop in! On my way to a 100k!http://ficoforums.myfico.com/t5/Relationships-and-Money/Hop-in-On-my-way-to-a-100k/m-p/1361749#M1076
<P><SPAN><A target="_self" href="http://ficoforums.myfico.com/t5/user/viewprofilepage/user-id/15154">Adalen</A>&nbsp;- I this sounds different, but I really do pay myself first. &nbsp;You mention rent, car payment, utilties as being priortities... &nbsp; For me, those are secondary things.</SPAN></P><P>&nbsp;</P><P><SPAN>My first priority is savings. &nbsp; The money is direct deposited into an interest bearing account each payday. &nbsp; I predetermined how much I could save when I did my budget. &nbsp; So that amount is saved first. &nbsp;Period. &nbsp;No matter what.</SPAN></P><P>&nbsp;</P><P><SPAN>Then I get my "budget" money into my checking account, different bank. &nbsp;You know how things are - we budget, we plan, and life happens. &nbsp;It doesn't matter. &nbsp; The first thing I do is buy that CD. &nbsp; Period. &nbsp;No matter what.</SPAN></P><P>&nbsp;</P><P><SPAN>Then I use what is left over and massage it into paying the bills. &nbsp; Sometimes I have to cut back on my food budget becuase I have to pay a medical bill or the utiltiies were higher than planned for. &nbsp; Sometimes, I have money left over from the gas account. &nbsp; Well, ya know what?</SPAN></P><P>&nbsp;</P><P><SPAN>That money left over from gas stays in the gas savings account so that I build up enough to pay for maintenance. &nbsp;<img class="emoticon emoticon-smileyhappy" id="smileyhappy" src="http://fico.i.lithium.com/i/smilies/16x16_smiley-happy.gif" alt="Smiley Happy" title="Smiley Happy" /> &nbsp; AND it earns interest!</SPAN></P><P>&nbsp;</P><P><SPAN>I am not in a position to do a buget plan with the utility companies right now. &nbsp; (I had a house mate that ran up the electric to an average of $300 a month! &nbsp;MY average bill is closer to $20-25 so it's not financially feasible for me to be on the budget plan right now.) &nbsp; But I encourage everyone to do the budget plan! &nbsp;It makes creating and sticking to a budget so much easier!</SPAN></P><P>&nbsp;</P><P><SPAN>1. &nbsp;My suggestion to you would be to figure out how much you can save for yourself. &nbsp;Put it in another bank where it's near impossible to get to. &nbsp; </SPAN></P><P><SPAN>2. &nbsp;Then set a small amount of money to put into your son's account. &nbsp; Say $25-50 a paycheck? &nbsp; Let it sit there until there is enough for a CD. &nbsp; Then move it into a CD. &nbsp;</SPAN></P><P><SPAN>3. &nbsp;Put all loose change into a diaper fund. &nbsp;It will cover incidentials that the budget says no way to. &nbsp;It does add up! &nbsp;(I put &nbsp;my loose change in the bank almost weekly. &nbsp;It makes a huge difference.)</SPAN></P><P><SPAN>4. &nbsp;Put $10-25 into a Mommy Massage Fund, aka as the Parent Massage Fund, aka the Me Time Fund. &nbsp; That is play money for you, for those times you need to have some pampering.&nbsp;</SPAN></P><P>&nbsp;</P><P><SPAN>Focus on short term savings, medium term savings, and long term savings.</SPAN></P><P>&nbsp;</P><P><SPAN><U><STRONG>Short term</STRONG></U> - is in the next year or so. &nbsp;I save money every paycheck for taxes, car tags, National Park pass, things like that.</SPAN></P><P><SPAN><U><STRONG>Medium term</STRONG></U> - that is five - ten years or so. &nbsp; Although my car has 130k+ miles on it now, I know that in five years or so, I will probably need to purchase another car. &nbsp;</SPAN></P><P><SPAN><U><STRONG>Long term</STRONG></U> - that is ten years and beyond...or to infiity? &nbsp; Isn't that what Buzz Lightyear would say? &nbsp;That is retirement (FIRST) and college education (SECOND). &nbsp; And remember, not every kid will go to college, so don't lock it up in a Education fund that only can be used for tutiion! &nbsp; Put it into other things you can get to in the event the money becomes yours. &nbsp; For example, we have a nephew who has really **bleep**ty parents. &nbsp; I don't think he has the smarts for college and I know he doens't have the home support to go to college. &nbsp; We have been saving for him, just like we did for our kids (birthday money, holiday money, and $100 for each year of successful high school, limit 4 yrs). &nbsp; After he graduates high school, if we can talk to him, we'll tell him about the money. &nbsp;It's not going to be a whole lot of money, but it's enough to help him get started on his life. &nbsp; And if he wants to live here and go to school, it will pay for one semester. &nbsp; No one knows about the money, for the obvious reason he has **bleep**ty parents and we arent' doing this for our other nephews/neices.</SPAN></P>Sun, 22 Apr 2012 01:07:50 GMThttp://ficoforums.myfico.com/t5/Relationships-and-Money/Hop-in-On-my-way-to-a-100k/m-p/1361749#M1076IOBA2012-04-22T01:07:50ZRe: Hop in! On my way to a 100k!http://ficoforums.myfico.com/t5/Relationships-and-Money/Hop-in-On-my-way-to-a-100k/m-p/1364155#M1079
<P>That is all very great information, thank you so much!&nbsp; I actually put $80/m (minimum)&nbsp;in the baby's account and extra if I have it and at the end of the year, we are planning to put it into a CD and continue that every year&nbsp;(for infinity).&nbsp; I had been trying to figure out how I would organize my savings accounts and short/long term goals sounds a lot less painful than all the math I was trying to do.</P><P>&nbsp;</P><P>Thanks for sharing. <img class="emoticon emoticon-smileyhappy" id="smileyhappy" src="http://fico.i.lithium.com/i/smilies/16x16_smiley-happy.gif" alt="Smiley Happy" title="Smiley Happy" /></P>Mon, 23 Apr 2012 16:47:55 GMThttp://ficoforums.myfico.com/t5/Relationships-and-Money/Hop-in-On-my-way-to-a-100k/m-p/1364155#M1079Adalen2012-04-23T16:47:55ZRe: Hop in! On my way to a 100k!http://ficoforums.myfico.com/t5/Relationships-and-Money/Hop-in-On-my-way-to-a-100k/m-p/1364719#M1080
<P><FONT size="2">Thank you for answering my questions and sharing further useful information, I am an old dog STILL trying to learn some new tricks!&nbsp; <img class="emoticon emoticon-smileywink" id="smileywink" src="http://fico.i.lithium.com/i/smilies/16x16_smiley-wink.gif" alt="Smiley Wink" title="Smiley Wink" />&nbsp;</FONT></P><P>&nbsp;</P><P>&nbsp;</P>Mon, 23 Apr 2012 21:18:02 GMThttp://ficoforums.myfico.com/t5/Relationships-and-Money/Hop-in-On-my-way-to-a-100k/m-p/1364719#M1080discernment2012-04-23T21:18:02Z